Largest Solana treasury recruits ParaFi Capital exec after over 40% plunge in holdings value

With the value of its Solana holdings nearly cut in half in less than three months, Forward Industries, the largest SOL digital asset treasury (DAT), has hired former ParaFi Capital executive Ryan Navi to oversee its strategy moving forward.

"Navi will oversee the execution of Forward’s Solana treasury strategy, including sourcing and structuring opportunities across capital markets and leveraging the company’s leading staking and validator infrastructure to increase SOL-per-share and drive long-term shareholder value," the company said in a statement from Monday. The newly-hired Navi will serve as Forward's chief investment officer.

Back in mid-September, Forward acquired 6.82 million SOL at an average price of $232, costing about $1.58 billion. As of Monday, with the price of Solana trading at roughly $124, Forward's holdings are down over 40%.

Right after the company purchased its massive allotment of SOL, Forward Industries filed a $4 billion at-the-market equity offering program with the U.S. Securities and Exchange Commission with the intention of potentially raising additional capital for buying even more Solana tokens.

Although Forward has added to its stockpile since September, the company's recent acquisitions have been minor in comparison. Last month, the company said it held 6,910,568 SOL.

"Forward has established itself at the center of Internet Capital Markets through a disciplined accumulation strategy, best-in-class validator operations, and an unwavering commitment to pursuing innovative yield opportunities," Navi said in a statement. 

Navi has left his position at ParaFi, where he served as managing director and head of venture, according to Forward. The crypto-focused investment firm ParaFi has invested in Forward as well as rival Solana DATs, Sharps Technology, and Sol Strategies.

Aside from hiring Navi to help steer leadership, Forward also recently established a crypto advisory board of 25 members drawn from the Solana, DeFi, and traditional-finance sectors in hopes of bolstering its strategy.

Navi's "vision for both Solana and capital markets more broadly aligns with Forward’s mission to build the largest, most active and value-generative public markets Solana treasury company," Forward Chairman Kyle Samani. 

Forward's Nasdaq-listed shares were changing hands at $8.12 as of 12:51 p.m. on Monday, down nearly 9%, according to Yahoo Finance.